If an economic slowdown is inevitable in 2023, Quebec could well avoid the deep recession, estimates the big boss of Desjardins.
“I remain optimistic for 2023,” said Guy Cormier, the big boss of the Mouvement Desjardins, yesterday in an interview with Le Journal.
In strong posture
The extent of the slowdown remains to be defined. But the leader assures that Quebec is in a better position than during past periods of economic recession.
“We never entered a period [de récession] like the one currently in 2023, he explains. We have a high employment rate, a low unemployment rate. The savings rate is high. And the real estate market in Quebec is the one that has shrunk the least among the Canadian provinces.”
Thus, Quebec could come out of it with a slight economic slowdown, lasting only two quarters, estimates Mr. Cormier. For that, inflation would have to continue to decline and layoffs be limited.
From 6.5% in September, the rate of inflation in Quebec began to slow, settling at 6.4% in October. Desjardins economists anticipate a significant drop in the level of inflation by the end of 2023.